Understanding Globalization, Financialization, Competition and Crisis
Chapter 2: Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels
The theory of capital investment is the cornerstone of the theory of macroeconomic dynamics, and the question of whether or not the agents involved in the investment decision have the information needed to make individually and collectively optimal choices is central to capital accumulation theory. New Classical and neoclassical theory assume that they do. Keynesian and Post Keynesian theory assume that they do not. The outcome of many significant debates in macrotheory depends on which theory is correct about this.
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